Westpac operates as single ADI
Westpac Banking Corporation (WBC) said today that it commenced operating as a single authorised deposit-taking institution (“ADI”). Australia’s second largest bank by market capitalistaion said in moving to a single ADI all the assets and liabilities of St.George Bank Limited have become those of Westpac’s.
The company said the process of transitioning to a single ADI was first detailed in a statement on 12 February 2010 and was finalised following APRA and Federal Court approval.
“In conjunction, the legal entity, St.George Bank Limited, has been deregistered,” Westpac said.
“The move to a single ADI and deregistration has no impact on the separate St.George brand and branches.”
Westpac added that the change would have no impact on customers’ ordinary interactions with St.George.
At the close of trade Friday, Westpac shares were trading at $26.13.
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